Media agencies have evolved from only buying print, tv, cinema, radio and outdoors to doing lots of digital buying, says Dnyanada Chaudhari.
As a media planner what is the environment like today and what are the fundamental challenges for professionals in this industry?
The fundamental challenges for us are that we need to keep up with the whole dynamism of the changing landscape. We have to be up and about regarding the changes taking place around us. Just look at the programmes on television today. Every month they are changing. As a media buyer we go where the consumers drive us and the consumers are buying into these changes. In such a dynamic media environment, we have got to keep up with the changing times and also figure out what’s going to last. So keeping your ears to the ground, assessing the changes and the kind of impact they will have on the industry, figuring out the long-term trends and dealing with lots of uncertainty around are the challenges we face today.
How would you describe the evolution of media buying agencies in the face of so much changes taking place in the sector?
I think the whole media consumption pattern is changing and a lot of new products have entered the market, which reflect the changes taking place around us. A lot of new advertisers with novel ideas and skills have come up, which is helping advertising to break new and fresh ground. Till sometime ago, the role of most media buying agencies was limited to only trading and buying media space for their clients. In recent times though, media agencies have taken on a more differentiated role. Media planning has become more focused and there is a much greater emphasis on getting returns for an investment made. So you will find there is a lot of conversation happening on ROI before a buying commitment is made. Similarly, a lot of analysis goes into assessing what the kind of impact would be for taking media space in the IPL or other large media properties. There are hard negotiations on buying terms and conditions besides getting clarity and understanding in terms of what works and what doesn’t.
What are the more visible trends that are impacting media consumption and how are media-buying agencies reacting to them?
Consumerism and technology are having a visible impact on the way we consume media. The impact of consumerism is not just on FMCG consumption but on a whole lot of other things, including media consumption. In the same way that rising consumerism has led to changing consumption patterns, technology is driving consumers to adapt in various ways leading to changes in the pattern of media consumption as well. For example, today mobile phones, which have deep penetration in the population, are used not just for chatting but for hearing songs, playing games, conducting financial transactions and so on. As such media buying agencies are now looking more to the potential of new media and not just at traditional media. The digital space has now become hot for both advertisers and sellers. So a lot of agencies have evolved from only buying print, radio, TV, cinema, outdoors to doing a lot of digital buying.
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As a media planner what is the environment like today and what are the fundamental challenges for professionals in this industry?
The fundamental challenges for us are that we need to keep up with the whole dynamism of the changing landscape. We have to be up and about regarding the changes taking place around us. Just look at the programmes on television today. Every month they are changing. As a media buyer we go where the consumers drive us and the consumers are buying into these changes. In such a dynamic media environment, we have got to keep up with the changing times and also figure out what’s going to last. So keeping your ears to the ground, assessing the changes and the kind of impact they will have on the industry, figuring out the long-term trends and dealing with lots of uncertainty around are the challenges we face today.
How would you describe the evolution of media buying agencies in the face of so much changes taking place in the sector?
I think the whole media consumption pattern is changing and a lot of new products have entered the market, which reflect the changes taking place around us. A lot of new advertisers with novel ideas and skills have come up, which is helping advertising to break new and fresh ground. Till sometime ago, the role of most media buying agencies was limited to only trading and buying media space for their clients. In recent times though, media agencies have taken on a more differentiated role. Media planning has become more focused and there is a much greater emphasis on getting returns for an investment made. So you will find there is a lot of conversation happening on ROI before a buying commitment is made. Similarly, a lot of analysis goes into assessing what the kind of impact would be for taking media space in the IPL or other large media properties. There are hard negotiations on buying terms and conditions besides getting clarity and understanding in terms of what works and what doesn’t.
What are the more visible trends that are impacting media consumption and how are media-buying agencies reacting to them?
Consumerism and technology are having a visible impact on the way we consume media. The impact of consumerism is not just on FMCG consumption but on a whole lot of other things, including media consumption. In the same way that rising consumerism has led to changing consumption patterns, technology is driving consumers to adapt in various ways leading to changes in the pattern of media consumption as well. For example, today mobile phones, which have deep penetration in the population, are used not just for chatting but for hearing songs, playing games, conducting financial transactions and so on. As such media buying agencies are now looking more to the potential of new media and not just at traditional media. The digital space has now become hot for both advertisers and sellers. So a lot of agencies have evolved from only buying print, radio, TV, cinema, outdoors to doing a lot of digital buying.
For more articles, Click on IIPM Article
Source : IIPM Editorial, 2011.
An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).
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